Real estate agents and developers in Vancouver say that foreign ownership of commercial property in the city may be overstated.
Kennedy Stewart, the MP for Burnaby, has once again called for a housing study to be conducted by government agencies and for these to include data on foreign ownership.
While opinions differ on both the level and the impact of foreign ownership of homes in Vancouver, many of the city’s residents are fed up with rising prices making the city unaffordable.
An academic says that there needs to be tougher regulation on housing in Vancouver to curb rising prices.
Real estate hotspots such as Australia and Hong Kong are clamping down on foreign investors, with some suggesting Canada should follow suit with a tax on those buyers.
The high prices of houses in West Vancouver, where the average cost of a home rose 3.8 per cent to $1.67 million in December, is already having an impact on the value of surrounding areas.